Homework Answers
| Journal entries | |||||
| no | Particulars | Debit | credit | ||
| 1) | Material inventory (9800*25) | 245000 | |||
| purchase price variance | 4410 | ||||
| accounts payable (9800*25.45) | 249410 | ||||
| 2) | work in process inventory (2650*3.50*25) | 231875 | |||
| material usage variance | 3125 | ||||
| material inventory (9400*25) | 235000 | ||||
| 3) | work in process inventory (2650*3.50*30) | 278250 | |||
| direct labor rate variance (30-21)*9100 | 81900 | ||||
| direct labor efficiency variance (2650*3.5-9100)*30 | 5250 | ||||
| wages payable (9100*21) | 191100 | ||||
| 4) | finished goods inventory (105+87.50)*2650 | 510125 | |||
| work in process inventory | 510125 | ||||
| 5) | accounts receivable (300*2100) | 630000 | |||
| sales revenue | 630000 | ||||
| cost of goods sold (105+87.50)*2100 | 404250 | ||||
| finished goods inventory | 404250 | ||||
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Boron Chemical Company produces a synthetic resin that is used in the automotive industry. The company...
Boron Chemical Company produces a synthetic resin that is used in the automotive industry. The company...
Boron Chemical Company produces a synthetic resin that is used in the automotive industry. The company uses a standard cost system. For each gallon of output, the following direct manufacturing costs are anticipated: Direct labor: 3.20 hours at $27.00 per hour Direct materials: 3.20 gallons at $22.00 per gallon $86.40 $70.40 During December of the current year, Boron produced a total of 2,620 gallons of output and incurred the following direct manufacturing costs: Direct labor: 8,250 hours worked at an...
B: C: D: Slick Corporation is a small producer of synthetic motor oil. During May, the...
B:
C:
D:
Slick Corporation is a small producer of synthetic motor oil. During May, the company produced 5,000 cases of lubricant. Eac contains 12 quarts of synthetic oil. To achieve this level of production, Slick purchased and used 16,500 gallons of direct mate cost of $20,449. It also incurred average direct labor costs of $13 per hour for the 4,115 hours worked in May by its productior personnel. Manufacturing overhead for the month totaled $9,569, of which $2,200 was...
Requirements 1. Prepare the journal entries to record the assignment of direct materials and direct labor...
Requirements 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Fermenting Department. Assume labor costs are accrued and not yet paid. Also prepare the journal entry to record the cost of the gallons completed and transferred out to the Packaging Department. 2. Post the journal entries to the Work-in-Process Inventory—Fermenting T-account. What is the ending balance? 3. What is the average cost per gallon transferred out...
Requirements 1. Prepare the journal entries to record the assignment of direct materials and direct labor...
Requirements 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Fermenting Department. Assume labor costs are accrued and not yet paid. Also prepare the journal entry to record the cost of the gallons completed and transferred out to the Packaging Department. 2. Post the journal entries to the Work-in-Process Inventory—Fermenting T-account. What is the ending balance? 3. What is the average cost per gallon transferred out...
83. On July 1, Ossege Company began to manufacture a new product. The company uses a...
83. On July 1, Ossege Company began to manufacture a new product. The company uses a standard cost system to account for manufacturing costs. The standard costs per unit for the new product are as follows: Raw materials 10 gallons @ $2.00 per gallon $20 Direct labor .5 hours @ $16 per hour Factory overhead $8 per direct labor hour ($8 x.5) $32 8 In addition, the following data came from Ossege's books for the month of July: Actual number...
700 gallons 8,500 gallons 7,700 gallons 1,500 gallons Gallons Beginning Work-in-Process Inventory Started in production Completed...
700 gallons 8,500 gallons 7,700 gallons 1,500 gallons Gallons Beginning Work-in-Process Inventory Started in production Completed and transferred out to Packaging in March Ending Work-in-Process Inventory (80% of the way through the fermenting process) Costs Beginning Work-in-Process Inventory: Direct materials Direct labor Manufacturing overhead allocated Costs added during March: Direct materials $ 2,140 200 190 9,360 Direct labor 1,340 Manufacturing overhead allocated 4,500 $ 15,200 Total costs added during March Total Costs 2,530 15,200 Johnson Winery Production Cost Report -...
Ceramics Etc is a manufacturer of large flower pots for urban settings. The company has these...
Ceramics Etc is a manufacturer of large flower pots for urban settings. The company has these standards: Direct materials (resin). . . . . . . . . . . . . . . . . . . . 13 pounds per pot at a cost of $3.00 per pound Direct labor. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0...
You Can Paint Too prepares and packages paint products. You Can Paint Too has two departments:...
You Can Paint Too prepares and packages paint products. You Can Paint Too has two departments: Blending and Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Data from the month of May for the Blending Department are as follows: (Click the icon to view the data from May.) You Can Paint Too completed the following production cost report for its Blending Department for the month of...
Benoit Chemical Company (BCC) produces a variety of specialty chemicals used in the pharmaceutical industry and...
Benoit Chemical Company (BCC) produces a variety of specialty chemicals used in the pharmaceutical industry and construction industry. BCC spends almost 20% of its net revenues on research, product development, and customer development to achieve its reputation as a high-quality producer of chemicals, a reliable supplier, and a great provider of customer service. BCC has small number of large customers, each of which typically has one or more large orders being processed at BCC at any given point in time....
Benoit Chemical Company (BCC) produces a variety of specialty chemicals used in the pharmaceutical industry and...
Benoit Chemical Company (BCC) produces a variety of specialty chemicals used in the pharmaceutical industry and construction industry. BCC spends almost 20% of its net revenues on research, product development, and customer development to achieve its reputation as a high-quality producer of chemicals, a reliable supplier, and a great provider of customer service. BCC has small number of large customers, each of which typically has one or more large orders being processed at BCC at any given point in time....
Boron Chemical Company produces a synthetic resin that is used in the automotive industry. The company uses a standard cost system. For each gallon of output, the following direct manufacturing costs are anticipated: Direct labor: 3.20 hours at $27.00 per hour Direct materials: 3.20 gallons at $22.00 per gallon $86.40 $70.40 During December of the current year, Boron produced a total of 2,620 gallons of output and incurred the following direct manufacturing costs: Direct labor: 8,250 hours worked at an...
B:
C:
D:
Slick Corporation is a small producer of synthetic motor oil. During May, the company produced 5,000 cases of lubricant. Eac contains 12 quarts of synthetic oil. To achieve this level of production, Slick purchased and used 16,500 gallons of direct mate cost of $20,449. It also incurred average direct labor costs of $13 per hour for the 4,115 hours worked in May by its productior personnel. Manufacturing overhead for the month totaled $9,569, of which $2,200 was...
Requirements 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Fermenting Department. Assume labor costs are accrued and not yet paid. Also prepare the journal entry to record the cost of the gallons completed and transferred out to the Packaging Department. 2. Post the journal entries to the Work-in-Process Inventory—Fermenting T-account. What is the ending balance? 3. What is the average cost per gallon transferred out...
Requirements 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Fermenting Department. Assume labor costs are accrued and not yet paid. Also prepare the journal entry to record the cost of the gallons completed and transferred out to the Packaging Department. 2. Post the journal entries to the Work-in-Process Inventory—Fermenting T-account. What is the ending balance? 3. What is the average cost per gallon transferred out...
83. On July 1, Ossege Company began to manufacture a new product. The company uses a standard cost system to account for manufacturing costs. The standard costs per unit for the new product are as follows: Raw materials 10 gallons @ $2.00 per gallon $20 Direct labor .5 hours @ $16 per hour Factory overhead $8 per direct labor hour ($8 x.5) $32 8 In addition, the following data came from Ossege's books for the month of July: Actual number...
700 gallons 8,500 gallons 7,700 gallons 1,500 gallons Gallons Beginning Work-in-Process Inventory Started in production Completed and transferred out to Packaging in March Ending Work-in-Process Inventory (80% of the way through the fermenting process) Costs Beginning Work-in-Process Inventory: Direct materials Direct labor Manufacturing overhead allocated Costs added during March: Direct materials $ 2,140 200 190 9,360 Direct labor 1,340 Manufacturing overhead allocated 4,500 $ 15,200 Total costs added during March Total Costs 2,530 15,200 Johnson Winery Production Cost Report -...
You Can Paint Too prepares and packages paint products. You Can Paint Too has two departments: Blending and Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Data from the month of May for the Blending Department are as follows: (Click the icon to view the data from May.) You Can Paint Too completed the following production cost report for its Blending Department for the month of...
Benoit Chemical Company (BCC) produces a variety of specialty chemicals used in the pharmaceutical industry and construction industry. BCC spends almost 20% of its net revenues on research, product development, and customer development to achieve its reputation as a high-quality producer of chemicals, a reliable supplier, and a great provider of customer service. BCC has small number of large customers, each of which typically has one or more large orders being processed at BCC at any given point in time....
Benoit Chemical Company (BCC) produces a variety of specialty chemicals used in the pharmaceutical industry and construction industry. BCC spends almost 20% of its net revenues on research, product development, and customer development to achieve its reputation as a high-quality producer of chemicals, a reliable supplier, and a great provider of customer service. BCC has small number of large customers, each of which typically has one or more large orders being processed at BCC at any given point in time....
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